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Multiple Myeloma Research Foundation

CharityWatch report issued
April 2022

Top-Rated Charity
CharityWatch Grade
Our independent grade based
on a number of factors.
Program Percentage
Amount spent on programs
relative to overhead.
Cost to Raise $100
Amount spent to raise
$100 of contributions.

Contact Information

Multiple Myeloma Research Foundation
383 Main Ave.
5th Floor
Norwalk, CT 06851

Other Names


Tax Status




Stated Mission

To find a cure for multiple myeloma by relentlessly pursuing innovation that accelerates the development of next-generation treatments to extend the lives of patients.

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Data based on Fiscal Year Ended 12/31/2020

Program Percentage: 85%

The percentage of Multiple Myeloma Research Foundation's cash budget it spends on programs relative to overhead (fundraising, management, and general expenses).


Calculated Total Expenses



Cost to Raise $100: $15

How many dollars Multiple Myeloma Research Foundation spends on fundraising to raise each $100 of contributions.


Calculated Total Contributions


Joint Costs

Multiple Myeloma Research Foundation's rating was adjusted for Joint Costs. If you are a donor who considers direct mail, telemarketing, and other Joint Cost solicitations to be true charitable programs, the below efficiency ratios, which were not adjusted for joint costs, may better reflect your goals.

Program % Cost to Raise $100
86% $15
Accounting rules allow charities to report some telemarketing, direct mail, and other solicitation costs as Program expenses. CharityWatch believes that most donors do not consider a charity's solicitation activities to be the Programs they are intending to support with their donations. We therefore adjust such expenses out of a charity's reported Program expense and add it to Fundraising expense prior to calculating its rating.

Government Funding

0% to 24%

Percentage of cash revenue
coming from government sources


Financial Documents

Entity Document Type Tax ID
Multiple Myeloma Research Foundation & Subsidiaries Audited Consolidated Financial Statements multiple
Multiple Myeloma Research Foundation IRS Form 990 06-1504413
Entity: Multiple Myeloma Research Foundation & Subsidiaries
Document Type: Audited Consolidated Financial Statements
Tax ID: multiple
Entity: Multiple Myeloma Research Foundation
Document Type: IRS Form 990
Tax ID: 06-1504413

Governance & Transparency

CharityWatch evaluates certain criteria related to a charity's Governance and Transparency. Donors may want to consider a charity's willingness to be open and transparent with CharityWatch to be a good litmus test for determining its commitment to public accountability.
This charity is Top-Rated
What does it mean to be Top-Rated?
Multiple Myeloma Research Foundation
meets governance benchmarks.
Multiple Myeloma Research Foundation
meets transparency benchmarks.
Provides Financial Information
Audit Accessibility
Governance: Policies
Reports regularly & consistently monitoring & enforcing compliance with a written Conflict of Interest Policy
Reports required, annual disclosure by officers, directors, and key staff of interests that could give rise to conflicts
Reports having a written Whistleblower Policy
Reports having a written Document Retention and Destruction Policy
Governance: Financials
Reports providing copy of tax form to all board members prior to filing it with IRS
Reports that financial statements were audited by an independent accountant
Governance: Board of Directors
Reports at least 5 voting board members
51% or more of voting board members reported as independent
Reports documenting minutes of board and board committee meetings
Privacy Policy
Privacy Policy Opt-In Policy  

  Name Title Compensation
1 Paul Giusti President/CEO $541,029
2 Kathy Giusti Chief Mission Officer $469,950
3 Steven Labkoff, M.D. Chief Data Officer $375,230
Name: Paul Giusti
Title: President/CEO
Compensation: $541,029
Name: Kathy Giusti
Title: Chief Mission Officer
Compensation: $469,950
Name: Steven Labkoff, M.D.
Title: Chief Data Officer
Compensation: $375,230

CharityWatch Analysts perform an in-depth analysis of charities' audited financial statements and IRS tax filings, and often review other documents such as state filings, annual reports, and fundraising contracts during their evaluations. Below are select notes that CharityWatch believes may be of interest to donors.

According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 2 re: Contributed Services), MMRF received donated services in 2020 on which it placed a total value of approximately $574,000; the donated services "consisted of legal, consulting, printing and promotional services."

[Note: CharityWatch generally excludes the value of in-kind (non-cash) donations of goods and services from its calculations of Program % and Cost to Raise $100. More information on how grades are calculated and the treatment of in-kind donations can be found on the Our Process page.]

According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 4, Concentrations):

"The MMRF maintains cash, cash equivalent or investment balances at multiple financial institutions. Accounts at each banking institution are insured by the Federal Deposit Insurance Corporation ('FDIC insured') up to $250,000. As of December 31, 2020, cash held in banks in excess of the federally insured limits was approximately $46,384,000. As of December 31, 2020, approximately $46,428,000 of cash equivalents are held at two financial institutions. ... The MMRF believes it is not exposed to any significant credit risk on its cash and investment balances."

According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 2 re: Royalties):

"In exchange for various grant research awards the MMRF awarded, an unaffiliated company gave MMRF a royalty interest in any future sales or licensing of various products or patents developed from the related research. The royalty income is recognized as the payments are determined and they are received or receivable.

"During the years December 31, 2020 and 2019, royalties received were $758,975 and $1,956,025.

"One royalty agreement is capped at $6,000,000. Cumulative payments under this royalty agreement received by the MMRF as of December 31, 2020 and 2019 totaled approximately $4,525,000 and $3,740,000."

According to the Multiple Myeloma Research Foundation (MMRF) consolidated audit of December 31, 2020 (Note 16, Uncertainties):

"The MMRF's operations and financial performance may be affected by the coronavirus outbreak which has spread globally and is expected to adversely affect economic conditions throughout the world. As a result of the pandemic, all live events and fundraisers were cancelled and to the extent possible went virtual. The MMRF halted new enrollment to MMRC trials from April to June 2020 in compliance with Food and Drug Administration guidance. There were similar reductions in enrollments from November 2020 through January 2021 due to site restrictions.

"Despite COVID restrictions, the MMRF was able to launch MyCheckpoint platform study, a first of its kind platform trial. By evaluating next-generation checkpoint inhibitors, the MyCheckpoint trial is speeding promising, new immunotherapies to MMRF's highest risk patients, whose myeloma continues to progress despite receiving multiple lines of therapy. The outbreak is likely to adversely affect the MMRF business, financial conditions, and results of operations only on an interim basis."

According to the Multiple Myeloma Research Foundation (MMRF) 2020 tax filing, MMRF reports re: Compensation, Supplemental Information (IRS Form 990, Schedule J, Part III):

Regarding nonfixed payments to officers, directors, trustees, key employees and highest compensated employees (Schedule J, Part I, Line 7):

"...Each bonus [from the organization received by employees] was based on the discretion of the compensation committee of the board of directors. Each bonus was based upon a review of the individual's performance, and approved by the compensation committee prior to being awarded."

MMRF reports "Bonus & incentive compensation" payments to 14 individuals in 2020, including $105,000 and $85,000 paid to Kathy Giusti, founder & Chief Mission Officer, and Paul Giusti, President & CEO, respectively. The reported total compensation in 2020 for K. Giusti and P. Giusti is $469,950 and $541,029, respectively. In addition, five individuals received "Bonus & incentive compensation" that ranged from $55,000 to $25,000, with associated reported total compensation in 2020 ranging from $375,230 to $264,506. The remaining seven individuals received "Bonus & incentive compensation" that ranged from $12,000 to $3,500, with associated reported total compensation in 2020 ranging from $246,151 to $150,323 (IRS Form 990, Schedule J, Part II).

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